China to reorganise its banking and insurance regulator

Body to merge departments, resulting in 100 fewer staff

China to reorganise its banking and insurance regulator

Insurance News

By Gabriel Olano

The China Banking and Insurance Regulatory Commission (CBIRC) has come out with proposed reforms to its organisational structure, internal departments, and staff numbers.

The reorganisation plan creates four new C-level roles – chief risk officer, chief inspector, chief counsel, and chief accountant – and removes the position of chairman assistant, according to a report by Asia Times, citing Chinese-language publication The Paper.

The regulator will merge several internal departments, bringing the number down to 26 departments with 15 functions. Staff numbers will be reduced by over 100, ending up with 925 employees.

Notable additions include two new departments: the Corporate Governance and Supervision Department and the Major Risks Disposal Bureau.

The former will help create corporate governance rules for banks and insurers, as well as provide guidance to these financial institutions in strengthening equity management, regulating shareholder behaviour and improving corporate governance structures.

Meanwhile, the latter will coordinate with banks and insurers in tackling major and cross-region risks.

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